Blackout Notice and transfer question

[wsp]

I've got a client that had a plan that was in bad shape.... 12% participation with minimal interest in it. Through the help of a new financial advisor, decent education, the addition of a match and a change in the asset choices we've upped the participation to 50+%.

However, the "old" money is with the old custodian. As of July 1 of this year they've been running with both recordkeepers. Client wanted to seperate the two processes and was willing to foot the cost so who are we to argue...

Now we're going to consolidate the accounts. What I'm hoping to do is issue a blackout notice but at the same time provide them with a transfer request form that allows each participant to request a liquidation and transfer prior to the end of the blackout period. Since we're only talking about 6 people, the thought is that all would move their money voluntarily and we won't have to wait the 30 days.

Anything wrong with this? Do we have to wait until 30 days to request the transfer???

[BG5150]

Those people shouldn't have to request their money to be moved. Just take it from the old record-keeper and put it into the new accounts.

This is the same plan, right? Just with a new recordkeeper/custodian?

A blackout notice would be required if the participants don't have access to the "old" money for more than 3 days (I think). The "new" money should be unaffected I would think, but it's up to you if you want to freezee that money while the process is going on.

[wsp]

Those people shouldn't have to request their money to be moved. Just take it from the old record-keeper and put it into the new accounts.

This is the same plan, right? Just with a new recordkeeper/custodian?

A blackout notice would be required if the participants don't have access to the "old" money for more than 3 days (I think). The "new" money should be unaffected I would think, but it's up to you if you want to freezee that money while the process is going on.

Given that the liquidation takes a few days and the then the deposit to the new account also would take a few days there is 6-7 days out of market. Hence the notice... I know that the point of the notice isn't for something like this, but we still have to play by the rules.